Monday, April 27, 2009

Louis Caldera, director of the White House Military Office, apologizes to the city of New York. Caldera came to the White House from IndyMac, where he served on the board of directors from 2002 until the bank was seized by the feds last year.

Update: More on Caldera and IndyMac:

Former University of New Mexico President Louis Caldera, who taught corporate governance at the UNM School of Law last fall, is on the board of directors of a California bank seized by the federal government. [...]
The Federal Deposit Insurance Corporation was quickly named conservator, and the bank reopened Monday as IndyMac Federal Bank. The FDIC estimates the cost of the failure to the deposit insurance fund at between $4 billion and $8 billion.

Reached at his home Monday night, Caldera said, "I have no comment."

Caldera serves on Indy-Mac's corporate governance committee and on its management development and compensation committee, according to a Securities and Exchange Commission filing from earlier this year. In that same filing, the company disclosed Caldera took in $213,520 in total compensation for his service on the board in 2007 and $261,626 in 2006.

IndyMac is under investigation for fraud. That's some crackerjack oversight from the corporate governance committee. The Obama transition team left Caldera's IndyMac service off the press release announcing his appointment.

04/27 05:27 PM Share